5th September 2019 – Fiber
Reinforced Polymer (FRP) Composites Market is estimated to reach USD 282.9
billion by 2025. A fiber reinforced polymer (FRP) composite material, as the
name suggests, implies reinforcing fibers in a polymer constituent or matrix.
These fibers could be mat, fabric, or components. The key features associated
with fiber reinforced polymer products including flexibility, strength, low
cost, and conductivity are estimated to drive the market growth in the upcoming
period.
The factors that propel the growth of
the FRP Composites Market comprise the low cost of FRP composite, increasing
production capacity of FRP composite, and growth in the automotive sector. On
the other hand, the factors that may hamper the growth of the market include
high production cost of FRP composite. Fiber Reinforced Polymer (FRP)
Composites Market is anticipated to grow at a significant CAGR of 10.7% in the
upcoming period as the scope, product types, and its applications are
increasing across the globe.
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Fiber Reinforced Polymer (FRP)
Composites Market may be explored by type, application, and geography. The
market may be explored by type as Carbon Fiber Reinforced Polymer (CFRP)
Composites, Glass Fiber Reinforced Polymer (GFRP) Composites, Aramid Fiber
Reinforced Polymer (AFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP)
Composites, and Others. The “Glass Fiber Reinforced Polymer (GFRP) Composites”
segment dominated the Fiber Reinforced Polymer Composites Market in 2016 and is
anticipated to maintain its dominance in the forecast period.
The market may be explored by
application as Construction, Automotive, Defense, Electronic, and Others. The
“Automotive” segment dominated the Fiber Reinforced Polymer (FRP) Composites
Market in 2016 and is anticipated to maintain its dominance by 2025 due to
numerous advantages such as improved mechanical features such as enhanced
surface finish of molded parts, flexibility, & density, and strength
stiffness, and low cost & weight
North America accounted for the major
share of the Fiber Reinforced Polymer (FRP) Composites Market Size in 2016 and
will continue to lead in the forthcoming period. The factors that could be
attributed to the growth include easy availability of raw materials, increased
demand from recreational vehicles, new plant establishment, increasing
manufacturing industries, low labor costs, new product developments. North
America is followed by Europe in the forecast period.
The key players that fuel the growth of
the Fiber Reinforced Polymer (FRP) Composites Market comprise B&B FRP
Manufacturing Inc., American Grating, LLC, Mitsubishi Rayon Co., Ltd., American
Fiberglass Rebar, Engineered Composites Ltd, TUF-BAR; Ten Cate NV, Hyosung
Corporation, Zoltek Companies, Inc., FRP Composites Inc., DowAksa, and SGL Group.
The leading companies are taking up partnerships, mergers and acquisitions, and
joint ventures in order to boost the inorganic growth of the industry.
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